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CryptoQueen and Associate managed to sell Dubai properties after being charged.

20/05/2024

Background

  • One of the biggest fraud scandals in history was over OneCoin, a digital asset marketed as the successor to Bitcoin, which turned out to be a pyramid scheme. The alleged mastermind behind this massive scam, which cost investors a staggering $4 billion, was Ruja Ignatova, also known as the CryptoQueen.
  • Ignatova is the alleged mastermind behind the massive OneCoin crypto scam, which is linked to a $4 billion pyramid scheme with more than 3.5 million victims around the world.
  • She disappeared in 2018 shortly after U.S. authorities issued a warrant for her arrest.
  • Frank Schneider, a former Luxembourg intelligence officer, allegedly aided in “evading law enforcement investigations” and helped in “managing the scheme’s proceeds,” according to a U.S. indictment against him.
  • When he escaped, Schneider was under house arrest in France, battling extradition to the U.S.. His current whereabouts are unknown.
  • Despite being charged, they managed to liquidate their Dubai assets. This includes:-
    • Ignatova’s Dubai penthouse apartment, which was sold in late 2019, two years after her OneCoin cryptocurrency fraud collapsed.
    • Schneider also sold his apartment for $2.3 million in January 2022
  • This case raises questions over Dubai’s enforcement of anti-money laundering rules. The leaked Dubai property records show that Ignatova and Schneider’s properties were sold after they had already been charged with criminal offences following OneCoin’s collapse.
  • Ignatova has been on the run ever since U.S. authorities began to pursue her in 2017. Her whereabouts are unknown.

💡 Key Finding:   

In this investigation, OCCRP reveal

  • That Ignatova and her security adviser, Frank Schneider, were able to liquidate Dubai assets despite being charged in the U.S. for their alleged roles in the OneCoin scandal.
  • Ignatova’s penthouse apartment was sold in late 2019, two years after the OneCoin cryptocurrency collapsed, leading to U.S. charges against her.

 

>> Read the Full Story << https://www.occrp.org/en/dubai-unlocked/top-crypto-scammers-managed-to-sell-dubai-properties-after-being-charged

Sources
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